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☆ Andrey Belousov: Shifting his fishing buddy sideways, Putin chooses an economy expert for the war in Ukraine. Here’s why
▼ + stars: | 2024-05-13 | by ( Nathan Hodge | ) edition.cnn.com time to read: +6 min

Alexandra Prokopenko, a former adviser at Russia’s Central Bank, put the shakeup down to the growing interrelationship between the war and Russia’s economy. “Putin’s priority is war; war of attrition is won by economics,” Prokopenko wrote in a thread on X. Russia's President Vladimir Putin, center-right, with Sergei Shoigu, at Red Square for the Victory Day military parade in central Moscow on May 9, 2024. Putin has shifted Shoigu sideways to a post as the secretary of Russia’s Security Council, meaning that Shoigu is not completely out of the picture. Discussing Shoigu’s new appointment, Kremlin spokesperson Dmitry Peskov said the former defense minister would remain immersed in matters of military production.

Persons: Vladimir Putin’s, shakeup, Andrey Belousov, Sergei Shoigu, Alexandra Prokopenko, ” Prokopenko, Belousov, Vladimir Putin, Natalia Kolesnikova, Prokopenko, Pyotr Stolypin, Putin, Shoigu’s, Dmitry Peskov, Peskov, ” Peskov, General Valery Gerasimov, Nikolai Patrushev, Patrushev, Mikhail Mishustin, Dmitry Patrushev, “, ”, Tatiana Stanovaya Organizations: CNN, Kremlin, Russian Ministry of Defense, Russia’s Central Bank, Russia's, Victory Day, Getty, NATO, Putin, US Congress, Ministry of Defense, Security, Russia’s General Staff, subjugating, Security Council, Federal Security Service Locations: Ukraine, Russia, Moscow, AFP, Europe, Kyiv, Shoigu, Russian, Japan, Soviet Union, subjugating Ukraine, Patrushev

☆ The US and the West are facing the blowback of sanctions against Russia, economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US miscalculated when it imposed harsh sanctions on Russia, and not only has Vladimir Putin's economy weathered the impact, but the West is facing the negative effects of the economic restrictions it imposed. Food and energy prices have soared since the West imposed sanctions on Russia, he noted partly because Russia is one of the world's largest exporters of oil and grain. Even the US dollar may end up worse off due to sanctions, Rubin said. Russia's trade with China, for instance, has nearly completely phased out the dollar, Russian officials said last year. "Sanctioning the ruble and confiscating a third of the Russian central bank's foreign reserves was supposed to cripple the Russian economy.

Persons: —, Vladimir, Jeff Rubin, " Rubin, crimp, Rubin, Putin Organizations: Service, Business, The Globe, Federal Reserve Board, Bank of Canada Locations: Russia, Ukraine, China, Russian

☆ Russia’s Victory Day parade masks simmering tensions inside Putin’s government and beyond
▼ + stars: | 2024-05-09 | by ( Nathan Hodge | ) edition.cnn.com time to read: +7 min

CNN —Russian President Vladimir Putin presided over a pared-back Victory Day parade Thursday, showcasing his country’s unity and resolve to continue the war on Ukraine. But since Russia launched its full-scale invasion of Ukraine, the massive military parade has been somewhat downsized. “The fate of the motherland, its future depends on each of us … We celebrate Victory Day in the context of the special military operation. All of Russia is with you!”But this year’s Victory Day is also happening against the background of a bribery scandal roiling Russia’s Ministry of Defense. Under Putin, Victory Day has assumed greater importance in national life.

Persons: Vladimir Putin, Putin, Putin —, “, ”, Timur Ivanov, Mikhail Klimentyev, Alexander Nemenov, Ivanov, Sergei Shoigu, Shoigu’s protégé, —, Alexey Navalny, Stanislav Krasilnikov, Maria Pevchikh, that’s Organizations: CNN, Nazi, “, Ministry of Defense, Defence, Sputnik, Getty, Financial, Corruption Foundation, AP, ACF, Prestige, — Locations: Ukraine, Russia, Nazi Germany, Russian, It’s, AFP, Mariupol, Putin’s Russia, Sochi, Moscow

☆ In Europe, Xi looks to counter claims it’s aiding Russia in Ukraine
▼ + stars: | 2024-05-07 | by ( Simone Mccarthy | Xiaofei Xu | ) edition.cnn.com time to read: +6 min

“China is neither the creator of the crisis, nor a party to it or a participant. The trip will also see Xi visit Serbia and Hungary, with the leader’s visit to Belgrade coinciding with the 25th anniversary of NATO’s bombing of the Chinese embassy in the city that killed three. Beijing has defended its trade with Russia as part of normal bilateral ties; it also says it does not provide weapons to parties in conflict. It has not been accused of sending lethal weapons to Russia, but rather goods with military use. Beijing supports efforts recognized by both Russia and Ukraine, with “equal and just discussions of all possible peace plans at the conference,” he said.

Persons: Xi Jinping, ” Xi, Emmanuel Macron, Ursula von der, “, ramped, Macron, Xi “, he’s, ”, ” Macron, presser, Xi, Vladimir Putin, von der Leyen, Putin Organizations: Hong Kong CNN, French, European, NATO, Biden, Kyiv Locations: Hong Kong, Ukraine, China, Europe, Moscow, “ China, Paris, Washington, Beijing, Russian, Serbia, Hungary, Belgrade, Serbian, Balkans, Russia, France, “, Israel, Switzerland

☆ Russia's economic strength will last another 18 months before unraveling as Putin grapples with policy 'trilemma,' think tank says
▼ + stars: | 2024-04-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewRussia's economic strength could last another year-and-a-half before it starts to fade, according to the Carnegie Endowment for International Peace. In a best-case scenario, the current arrangement will likely begin to come apart within eighteen months owing to growing imbalances and possible social problems," Prokopenko warned. In other words, temporary fixes and a decline in living standards will add to the political and economic headwinds facing the Kremlin," Prokopenko said. Experts have warned of near-term social unrest in Russia, particularly as living standards continue to deteriorate.

Persons: —, Alexandra Prokopenko, Prokopenko, Putin Organizations: Service, Carnegie Endowment, International Peace, Washington DC, Monetary Fund, Business, Carnegie Russia Eurasia Center, Kremlin Locations: Ukraine, Russia, Moscow

☆ Russia is expected to grow faster than all advanced economies this year
▼ + stars: | 2024-04-17 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesRussia's economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund. The prediction will be galling for Western nations which have sought to economically isolate and punish Russia for its 2022 invasion of Ukraine. In short, Russia has adapted to a "new normal" as its economy has been put on a war footing. The Washington-based IMF includes the U.S., U.K., the euro area's largest economies, Canada and Japan as advanced economies. "If you look at Russia, today, production goes up, [for the] military, [and] consumption goes down.

Persons: Vladimir Putin, Uralvagonzavod, Ramil Sitdikov, Kristalina Georgieva, CNBC's Dan Murphy, Georgieva, Elvira Nabiullina, Andrey Rudakov Organizations: Evraz Consolidated, Siberian Metallurgical, Bloomberg, Getty, International Monetary Fund, U.S, Sputnik, Afp, IMF, TU, CNBC, World Governments, Bank of Russia, Duma Locations: Evraz Consolidated West, Novokuznetsk, Russia, Germany, France, Ukraine, India, China, Russian, Urals, Nizhny Tagil, Washington, Canada, Japan, Europe, Asia, Kazan, Dubai, Soviet Union, Russia's

☆ Chinese leader Xi meets Russia’s Lavrov as two partners tout strong ties
▼ + stars: | 2024-04-09 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese leader Xi Jinping met with top Russian diplomat Sergey Lavrov in Beijing Tuesday, state media reported, in yet another sign of the importance China gives to its increasingly robust ties with Moscow. Since then, the two countries have ramped up their economic, trade and diplomatic relations – including in the wake of Putin’s war in Ukraine. Xi made a state visit to Moscow last March after entering his third term as Chinese president. The two sides discussed the war in Ukraine and agreed that international meetings on Ukraine ignoring Moscow’s interests “are futile,” Lavrov told the conference, according to Russian state news agency Tass. China has maintained dialogue with Switzerland about an upcoming international peace conference, according to state media, but previously said such talks should be recognized by both Ukraine and Russia.

Persons: Xi Jinping, Sergey Lavrov, Lavrov, Vladimir Putin, Xi, Putin, Wang Yi, Wang, ” Lavrov, Volodymyr Zelensky Organizations: Hong Kong CNN, Chinese, Foreign Ministry, Kyiv Locations: Hong Kong, Beijing, China, Moscow, Putin, Ukraine, Russian, United States, Russia, Switzerland

☆ Western officials warn munition shortages could be catastrophic for Ukraine as US stalls on providing more aid
▼ + stars: | 2024-04-04 | by ( Natasha Bertrand | Katie Bo Lillis | ) edition.cnn.com time to read: +8 min

The Ukrainian military is “experiencing shortages in air defense munitions, mostly in the medium to long range,” a NATO official said on Wednesday. Last fall, the administration asked Congress for more than $60 billion in additional funds to help support Ukraine, but more than 6 months later the funding has not passed amid opposition from Republican lawmakers. And the separate shortages of artillery ammunition could be “potentially catastrophic” for Ukraine in the short term, the official added. The NATO official said that as of now, Russia appears to lack the necessary maneuver units to mount such a large-scale, successful attack. That is why they believe it is critical for the west to continue to support Ukraine through this period of attrition.

Persons: “ It’s, Jens Stoltenberg, ”, Volodymyr Zelensky, Ukraine’s, Olha Stefanishyna, Stoltenberg, Donald Trump, ” Stoltenberg, Kylie Atwood Organizations: CNN, NATO, Patriots, Republican, ” Energy, “, Pentagon, Ukraine Contact Defense, Ukraine Locations: Russia, Ukrainian, Ukraine, Kyiv, Brussels, Avdiivka, Russian, Belarus

☆ Russia says its economy is off to a — mostly — roaring 2024
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Central Bank of Russia is maintaining a 16% interest rate due to a thriving economy. AdvertisementRussia's economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check. Even the Russian central bank appeared to be taken aback by how well the economy was doing. Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank. On Friday, Russia's central bank said it sees limited options other than the Chinese yuan for its reserves.

Persons: —, Elvira Nabiullina Organizations: Central Bank of Russia, Service, International Monetary Fund Locations: Russian, Ukraine, Russia, Russia's

☆ Meet the woman who engineered Russia's wartime economy and helped secure another term for Putin
▼ + stars: | 2024-04-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +12 min

Russian central bank governor Elvira Nabiullina has played a key role in stabilizing Russia's sanctions-hit economy. It's also aimed at the woman behind him: Elvira Nabiullina, the country's central bank governor, who plays a chief role in keeping Russia's wartime economy ticking. At the time, she was the first woman to lead a Group of Eight, or G8, central bank. In 2015, Euromoney, a finance trade publication, named Nabiullina Central Bank Governor of the Year. In December, she issued a warning that Russia's economy was at risk of overheating.

Persons: Elvira Nabiullina, —, Putin, It's, Nabiullina, Daniel McDowell, McDowell, wined, Christine Lagarde, Nabiullina —, Richard Portes, Portes —, Portes, Anders Åslund, Åslund, Leo Tolstoy, Fyodor Dostoevsky, Franz Kafka, Yaroslav Kuzminov, Kuzminov, Nabiullina's, Alan Harvey, Herman Gref —, Central Bank Governor Elvira Nabiullina, Maxim Shemetov, Michel Camdessus, she's, isn't, Sergei Aleksashenko, Alexei Makarkin, Vladimir Pesnya, Nabiulina, let's Organizations: Ukraine, Service, Russian, KGB, Syracuse University, Kremlin, International Monetary Fund, US, London Business School, Moscow Times, Bloomberg, Higher School of Economics, —, Moscow State University, SNS, USSR, Industrial Union Board, Gref, Central Bank Governor, Nabiullina Central Bank Governor, Banker, Central Banker, IMF, Monetary Fund, Financial Times, Government, Political Technologies, Wall Street Journal, RBC, Politico Europe Locations: Russian, Ukraine, Russia, Brussels, Nabiullina, Swedish, Moscow, Ufa, Central Russia, Tatars, Crimea, Euromoney, Europe, steadying

The noise is eerily reminiscent of Russian drone strikes on Ukraine, but this episode was recorded closer to Moscow than to Kyiv. As the object comes closer, it becomes clear: This is a Ukrainian drone, flying over Russian territory. Seconds later, the drone dives from the sky, smashing into a pipe-covered tower at a Russian oil refinery, exploding on impact. The strike on March 13, one of several on this facility alone, was part of a concerted Ukrainian effort to target Russian oil refineries with long-range drones. Ukrainian drones like these are now equipped with a basic form of Artificial Intelligence, according to a source close to Ukraine’s drone program.

Persons: CNN —, “, ”, Noah Sylvia, ” Sylvia, Reuters Chris Lincoln, Jones, ‘, we’ve, Helima Croft, ” Croft, Volodymyr Zelensky, Brent, Croft, Vasco Cotovio, they’re, Vasyl Maliuk, Putin Organizations: CNN, “, Royal United Services Institute, Reuters, Ukrainian Defense Intelligence, Security Service of Ukraine, Kyiv, Intelligence, Autonomy, RBC Capital Markets, Ukraine, Washington, RBC Locations: Ukraine, Moscow, Kyiv, Ukrainian, Ryazan, Ryazan region, Russia, British, ” Ukraine, United States, Washington

☆ Russia could turn on Putin as the nation's economic strength wanes and sanctions keep tightening, economists say
▼ + stars: | 2024-03-31 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Russia's economic strength is likely to wane this year, economists say. Putin's economic fantasyThe tailspin Sonnenfeld, Tian, and Guriev are predicting seems contradictory to what Russia is presenting on the surface. Russian inflation is also high, clocking in at 7.58%, according to data from Russia's economic ministry. Guriev doesn't believe Russia's economy will completely unravel, as central bankers will work hard to limit the damage. Advertisement"It's unlikely the Russian economy will spiral into a macroeconomic meltdown, and that the Russian political system will," he said.

Persons: Putin, Joe Biden, —, Vladimir Putin, Jeffrey Sonnenfeld, Steven Tian, Tian, Trump's, Sergei Guriev, Sonnenfeld, he's, Guriev, Putin's Organizations: Service, Yale, London Business School, Russia Locations: Russia, Ukraine, Russian, Moscow, Soviet

☆ Central Asian migrants face xenophobic backlash in Russia after Moscow terror attack
▼ + stars: | 2024-03-29 | by ( Sebastian Shukla | ) edition.cnn.com time to read: +10 min

The men had been in Russia as migrant workers on either temporary or expired visas, authorities said. But in the days since, that emotion – combined with the disturbing videos – appears to have unleashed a wave of xenophobia from some towards Central Asian migrant workers in general. Her organization offers legal assistance to migrants looking for help in Russia, often on a pro bono basis. We need to spread the word.”A user in another channel, with 200,000 followers, suggested there was no space for anyone to feel sorry for migrants in Russia. According to Umerov, there are some 7 million migrants in Russia, of whom around 80% are from Central Asia.

Persons: Moskovsky, “ I’m, Vladimir Putin, Shamsidin, Dalerdzhon Mirzoyev, Muhammadsobir Fayzov, Yulia Morozova, Putin, ”, ‘ It’s, Valentina Chupik, Tong Jahoni, Temur Umerov, don’t, ” Umerov, Umerov, Emomali Rahmon, “ Putin Organizations: CNN, Moscow’s Crocus, Central, Crocus City Hall, Reuters, Soviet, Kazakhstan —, Human Rights Watch, Central Asia, Carnegie Russia Eurasia Center, Hall, Russian, Kyrgyz Foreign Ministry, European Bank for Reconstruction, “, Institute of Economics, Russian Academy of Sciences, ISIS, Kremlin Locations: Moscow’s Crocus City, Tajikistan, Soviet, Central Asia, Russia, Ivanovo, Russian, Crocus, Uzbekistan, Kyrgyzstan, Turkmenistan, Kazakhstan, Illinois, Moscow, Central, Berlin, Ukraine, Kyrgyz, Tashkent, Western

☆ 3 ways Russia's war-time economy is set to weaken after a surprisingly strong 2023
▼ + stars: | 2024-03-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewRussia's economy is set to weaken this year, according to researchers from Finland's central bank. Russia won't be able to maintain the surprisingly strong growth it saw, the Bank of Finland's Institute for Emerging Economies said in a recent report. That's a stark contrast from what Russia saw last year, with its economy growing 3.6%, according to Russia's federal statistics service. Russia's long-term potential growth rate, in particular, has been reduced by the shift to a wartime economy," the report said. AdvertisementThe report pointed to three areas of the Russian economy that could take a hit.

Persons: — Organizations: Service, Bank of Finland's Institute, Emerging Economies, Business, Russia, Ukraine, United Nations, Russian Academy of Science's Institute of Economics Locations: Russia, Russian, Ukraine, Moscow

☆ Behind Putin’s Potemkin Vote, Real Support. But No Other Choices.
▼ + stars: | 2024-03-18 | by ( Paul Sonne | ) www.nytimes.com time to read: +1 min

The Kremlin stage-managed Russia’s presidential vote over the weekend to send a singular message at home and abroad: that President Vladimir V. Putin’s support is overwhelming and unshakable, despite or even because of his war against Ukraine. Mr. Putin, they said, won more than 87 percent of the vote, his closest competitor just 4 percent. The Levada Center, an independent pollster, reported last month that 86 percent of Russians approved of Mr. Putin, his highest rating in more than seven years. But while the figures may suggest unabiding support for Mr. Putin and his agenda across Russia, the situation is more complex than the numbers convey. The leader of one opposition research group in Moscow has argued that backing for Mr. Putin is actually far more brittle than simple approval numbers suggest.

Persons: Vladimir V, Putin, Potemkin Organizations: Ukraine, Levada, Mr Locations: Russia, Moscow

☆ The US Army has its eyes on the Arctic and is readying soldiers for the cold, unforgiving wastes that could be their next battlefield
▼ + stars: | 2024-03-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +11 min

AdvertisementThe two-week JPMRC Alaska training exercise involved over 8,000 troops from the 11th Airborne Division, as well as international allies and partners. Brandon VasquezBack in 2021, the US Army released its new strategy on regaining Arctic dominance, leading to the reorganization of its Alaskan forces and priorities. AdvertisementAll Arctic nations are keeping an eye on what could be seen as increased access to energy, minerals, and resources in the Arctic. AdvertisementU.S. Army Soldiers assigned to the 11th Airborne Division patrol on snow machines during the Joint Pacific Multinational Readiness Center 24-02 exercise at Donnelly Training Area, Alaska, Feb. 17, 2024. For that reason, the Army appears to be encouraging its Arctic soldiers to be creative and able to adapt to whatever conditions or situations they might encounter.

Persons: —, Col, Sean Lucas, JPMRC, Brandon Vasquez, Spc.Wyatt Moore, Abreanna Goodrich, China —, I've, Zachary Burns, Sammantha Ohm, Joseph Gaskin Organizations: US, Army, Service, US Army Pacific's, Pacific Multinational Readiness Center, Business, 11th Airborne Division, U.S ., 1st Infantry Brigade Combat Team, Airborne Division, Pacific Multinational Readiness, U.S, US Army, U.S . Army, 3rd Battalion, 509th Parachute Infantry Regiment, 2nd Infantry Brigade Combat Team, 11th Airborne, Donnelly Training, Public Affairs Detachment, National Intelligence, Spc, Department of Defense, Army Spc, 5th Squadron, 1st Calvary Regiment, Delta Co Locations: Russia, China, Fairbanks , Alaska, Alaska, Hawaii, U.S, Utqiagvik, Soviet Union, Canada, Denmark, Russian, JPMRC

☆ Russian overseas voters have mixed views on whether their ballots are worth casting
▼ + stars: | 2024-03-13 | by ( Anna Chernova | Lauren Kent | ) edition.cnn.com time to read: +9 min

Russia’s Central Election Commission said that overseas voting will take place at 288 polling stations in 144 countries, Russian state media TASS reported. During the 2018 presidential elections, 401 polling stations operated abroad and more than 475,000 people voted, according to the Central Election Commission as quoted by RIA Novosti. But this year, many overseas polling stations that operated in 2018 have been closed. Russian citizens at the Russian embassy in Berlin, Germany, look at a list of candidates in the 2018 Russian presidential election. A mourner lays flowers on the grave of Russian opposition leader Alexey Navalny at the Borisovo cemetery in Moscow on March 2, 2024, the day after Navalny's funeral.

Persons: Sergey Kulikov, Kulikov, ”, Vladimir Putin, –, Putin –, Joerg Carstensen, Luba Zakharov, ” Zakharov, Boris Nadezhdin, – Vladislav Davankov, Nikolai Kharitonov, Leonid Slutsky –, Alexey Navalny, Navalny’s, Yulia Navalnaya, Zakharov, “, Olga Maltseva, Anna, Putin, ” Anna, Putin …, ” Putin, Callum Fraser, Fraser, ” Fraser, Alexey Navalny’s, Ilya Yashin, Vladimir Kara, Boris Nemtsov, Anna Politkovskaya, ’, ” Kulikov Organizations: CNN, Kremlin, European, Human Rights, Russian Foreign Ministry, Russia’s, Commission, TASS, RIA Novosti, “, Central, Putin, Getty, Royal United Services Institute Locations: Russia, Dubai, Ukraine, Russian, Berlin, Germany, Hamburg, Moscow, AFP, Sheva, Israel

“What we are in now is a production war,” a senior NATO official told CNN. “The number one issue that we’re watching right now is the munitions,” the NATO official said. There is also a limit to Russian production capacity, officials say: Russian factories will likely hit a peak sometime in the next year. “If we were talking about this last fall, we would have talked about how they were targeting critical infrastructure,” the NATO official said. “In the short term — say, the next 18 months or so — it may be unsophisticated, but it’s a durable economy,” the NATO official said.

Persons: ”, Abrams, “, — “, Joe Biden, Inna Varenytsia, it’s, Putin’s, Steven Basham, “ It’s, Maxym, Russia’s ‘, Basham Organizations: CNN, Army, NATO, ”, Reuters, Ukraine, European Command, US Army, ” Intelligence, US European Command, Pentagon Locations: Russia, Europe, Ukraine, Kyiv, Ukrainian, Avdiivka, that’s, Iran, North Korea, Kreminna, Germany, Pennsylvania , Iowa, Texas, Moscow, Tehran, Bohorodychne, Donetsk, Russian

☆ Hard Lessons Make for Hard Choices 2 Years Into the War in Ukraine
▼ + stars: | 2024-02-24 | by ( Steven Erlanger | David E. Sanger | ) www.nytimes.com time to read: +1 min

Two years after Russia’s invasion of Ukraine, the United States has the capacity to keep Kyiv supplied with the weapons, technology and intelligence to fend off a takeover by Moscow. But Washington is now perceived around Europe to have lost its will. That is the essence of the conundrum facing Ukraine and the NATO allies on the dismal second anniversary of the war. The sanctions that were supposed to bring Russia’s economy to its knees — “the ruble almost is immediately reduced to rubble,” President Biden declared in Warsaw in March 2022 — have lost their sting. Income from oil exports is greater than it was before the invasion.

Persons: Russia’s, Biden, — Organizations: Kyiv, NATO Locations: Ukraine, United States, Moscow, Washington, Europe, Warsaw, Russian

☆ U.S. Campaign to Isolate Russia Shows Limits After 2 Years of War
▼ + stars: | 2024-02-22 | by ( Edward Wong | Michael Crowley | ) www.nytimes.com time to read: +1 min

The Biden administration and European allies call President Vladimir V. Putin of Russia a tyrant and a war criminal. The president of Brazil says that Ukraine and Russia are both to blame for the war that began with the Russian military’s invasion. And his nation’s purchases of Russian energy and fertilizer have soared, pumping billions of dollars into the Russian economy. The views of the president, Luiz Inácio Lula da Silva, encapsulate the global bind in which the United States and Ukraine find themselves as the war enters its third year. Wielding economic sanctions and calling for a collective defense of international order, the United States sought to punish Russia with economic pain and political exile.

Persons: Vladimir V, Putin, Luiz Inácio Lula da Silva, Biden Organizations: Biden, United Locations: Russia, Brazil, Ukraine, Russian, United States, Moscow

CNN —The Biden administration will impose a fresh slate of sanctions on more than 500 targets on Friday in response to the death of opposition figure Alexey Navalny and on the eve of Russia’s two-year war in Ukraine, according to a Treasury official. The sanctions mark the latest move by the administration to levy consequences against Russia amid heightened tensions between the two countries. While those sanctions have hampered Russia’s economy, they haven’t deterred Putin from proceeding with the invasion. The US, along with other Western governments, has levied a series of sanctions against Russia in recent years, but Russia has adapted to them. Putin has taken to gloating about Russia’s resistance to international sanctions, which take time to have an effect.

Persons: CNN —, Biden, Alexey Navalny, Jake Sullivan, Joe Biden, Vladimir Putin, Navalny’s, Putin, “, ” Biden, Sullivan Organizations: CNN, Treasury, Wednesday, Russia, US, Reuters Locations: Ukraine, Russia, San Francisco, United States, Moscow

☆ The US is almost out of options to make Russia pay for Navalny's death
▼ + stars: | 2024-02-19 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

Read previewWhen President Joe Biden addressed the sudden death of Russian dissident Alexey Navalny last week, he had no doubt where the blame lay. But where Biden sounded less certain, was on how the Russian president should pay for the alleged crime. For instance, the US has sought to cut off Russia's export of oil and gas, a trade that is at the heart of the Russian economy. Putin has placed the Russian economy on a war footing, with 6% of GDP spent on arms and ammunition production, meaning that US attempts to seriously constrict Russian weapons production have failed. And there remain options open to the US and other countries in the West if they choose to punish Russia even further.

Persons: —, Joe Biden, Alexey Navalny, Biden, Navalny, Putin, Donald Trump, Elisabeth Braw, Edward Lucas Organizations: Service, Business, Kremlin, New York Times, Munich Security, US, Republicans, Treasury, Atlantic Council, Observer, Times Radio Locations: Russian, Russia, Ukraine, India, China

☆ Europe is nervous about a potential Trump win. China sees an opportunity
▼ + stars: | 2024-02-19 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

China – which has not condemned Russia’s invasion and claims impartiality in the conflict – has also emerged as a key lifeline for the sanctions-hit Russian economy. In Europe, this has galvanized concerns about China’s own global ambitions and played a role in the European Union’s ongoing push to recalibrate its policy toward China. EU foreign policy chief Josep Borrell reiterated the EU’s “expectation that China refrains from supporting Russia,” in a meeting with Wang Friday. “As long as war in Ukraine continues, EU policies toward China will move into closer alignment with the US. As president, Trump not only voiced skepticism of the system of US alliances in Europe, but leveraged tariffs on European steel and aluminum, sparking retaliatory measures on US goods from Europe.

Persons: Hong Kong CNN —, Wang Yi, Wang, Donald Trump, Trump, ” Wang, Alexey Navalny, Vladimir Putin’s, “, ”, Noah Barkin, Maxym Marusenko, Putin, Xi Jinping, –, Jens Stoltenberg, Josep Borrell, Christoph Heusgen, Dmytro Kuleba, Xi, hasn’t, It’s, Kuleba, Vladimir Putin, Xie Huanchi, Yu Jie, ‘, Liu Dongshu, “ Wang Yi, China …, ” Liu, Emmanuel Macron, GMF Organizations: Hong Kong CNN, Munich, Washington, NATO, German Marshall Fund of, Communist Party, Wang Friday, Bloomberg, CNN, China’s, Ministry, ”, Ukrainian, Security, Beijing, Peace, Getty, ’ Observers, US, Chatham House, City University of Hong, “, White Locations: China, Hong Kong, States, Europe, Ukraine, Beijing, Munich, Moscow, Russia, United States, Russian, Ukraine's Kharkiv, West . China, Taiwan, EU, ”, China’s, Asia, Pacific, ” Beijing, Switzerland, Xinhua, London, Spain, France, City University of Hong Kong’s, Washington, York

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ Russia's economic decline is in only in the early stages, and the country is masking significant 'degradation,' think tank says
▼ + stars: | 2024-02-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Russia's economic decline is still in the early stages, according to a London-based think tank. But talk of Russia's economic resilience is misguided, and there are deep-rooted issues that will continue to plague its economy, the think tank said. AdvertisementRussia's robust military spending has been a key factor in propping up its economic growth so far. "Significantly greater isolation and economic degradation is baked into the cake for the Russian economy and people." Russian inflation grew 7.2% year-per-year in January, well above the nation's 4% inflation target.

Persons: —, Mark Sobel, Sobel, Brent, that's Organizations: Service, Official Monetary, Financial, International Monetary Fund, Bloomberg, Yale School of Management . Companies Locations: London, Ukraine, Russia, Oilprice.com, Moscow

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